North Texas home sales fell 17 percent from October 2007, nudged down by job losses, the credit crisis and rising foreclosures . October's decline in home sales is one of the largest for 2008 and coincides with the foreclosure crisis. Only 5,500 previously owned homes were sold in North Texas last month according to the North Texas Real Estate Information System and Texas A&M University's Real Estate Center. This does not include hundreds of foreclosed homes being sold at auction.
Home prices have also taken a tumble, falling 3% in one year. The current median home price is now $140,000 in the North Texas area, that's down from an all-time median price high of $158,000 in 2007. The time it takes to sell a home is slowing significantly as it now takes on average 82 days to sell a home in North Texas.
With the values of homes declining, many homeowners are removing their listings hoping to see a return to high house values and quick sales at some later date. Others have succumb to foreclosure as their credit lines shrink and they're forced to pay cash for everyday expenses and their inflating mortgage. In this economic environment where home values are declining and properties are selling slowly or not at all, homeowners facing foreclosure can't hope to avoid the chopping block by selling their home.